Bengaluru: Infosys has adopted a new charter for its board committee that oversees relationships with stakeholders, a move that is seen as a response to the public criticism of some of the company’s decisions by several of its promoters.
The committee is tasked to assist the company and the board to receive and address grievances from stakeholders. The committee comprises of four independent directors as members – Jeffrey S Lehman, who is the committee’s chairperson, John Etchemendy, Ravi Venkatesan (now the co-chairman of the board) and DN Prahalad, who was appointed as its member effective January 13.
Co-founder N R Narayana Murthy and several others had questioned the compensation and severance packages offered to several top executives, as also certain acquisitions made by the company in the past year.
The stakeholders’ relationship committee is not new, but now has a fresh mandate to review and redress investor grievances. The committee adopted a charter in January to assist the board and the company in maintaining healthy relationships with all stakeholders. The committee will oversees the mechanisms for redressing grievances from shareholders, debenture holders, employees, vendors and customers. It will also have mechanisms to redress whistle blower and internal complaints. When the promoter differences were aired publicly, Infosys had received several complaints from whistleblowers.